Whalesbook
Profit mein toh leap, par aagey ka scene cloudy?
Wipro ne FY26 ko ₹3,501 Crore ke Net Profit ke saath end kiya hai, jo pichhle saal se 12.3% zyada hai. Yeh toh badhiya khabar hai, right? Par ruk jao! Pura picture yeh hai ki company apna IT services revenue 0% se 2% tak contract hone ka warning de rahi hai constant currency mein. Matlab, jitna revenue aana chahiye tha, usse kam aa sakta hai. FY26 mein toh IT services revenue pehle se hi 0.3% kam tha, jo $10,478.1 million tha.
Wipro ki market cap ab lagbhag ₹2.2 lakh Crore ($23 billion) hai aur P/E ratio 15.6-16.6x ke aas paas hai. Stock khud bhi ₹202.97 par chal raha hai (April 16, 2026 ko) aur is saal 20% se zyada aur pichhle 12 mahine mein 15.10% gir chuka hai.
Kyun gir raha hai revenue ka graph?
CFO Aparna Iyer ne bataya ki sabse bada reason hai "Americas 2 region" mein kuch specific clients ke issues. Yeh region Canada aur US ke kuch sectors jaise banking aur energy ko cover karta hai. Aur haan, bade deals ko jaldi se execute karne mein problems aur salary badhaane ka kharcha bhi revenue ko affect kar raha hai. CEO Srini Pallia ne kaha ki bade projects ko jaldi deploy karte waqt jo bottlenecks ya inefficiencies aati hain, woh revenue recognition ko pakad leti hain. FY26 ke Q1 mein bhi IT services revenue mein thoda drop dikha tha.
Baaki IT companies ke saamne Wipro kahan?
Wipro ki yeh struggle industry mein chal rahe trends ko dikha rahi hai. TCS ka revenue bhi FY26 mein pehli baar 0.5% gira hai (constant currency mein 2.4%). Infosys ne apna FY26 revenue guidance 3-3.5% tak badhaya hai, kyunki unko zyada demand aur bade deals mil rahe hain. HCL Technologies ne FY26 ke liye 2-5% growth guide kiya hai. Aur Wipro ke operating margins bhi lagbhag 16-17% hain, jo TCS aur Infosys jaise competitors ke 18-24% se kam hain.
Buyback toh hai, par analysts kya keh rahe hain?
Itni revenue concerns ke baad bhi, Wipro ne ₹15,000 Crore ka share buyback announce kiya hai, jismein woh ₹250 per share offer kar rahe hain. Lekin analysts ki rai bili hui hai. 45 mein se sirf 11 analysts 'Buy' karne ko keh rahe hain, 19 'Hold' aur 15 log 'Sell' advise kar rahe hain. Yeh mixed outlook dikhata hai ki investors Wipro ke future ko lekar thode tense hain.
Purane issues aur AI ka future
Wipro ko lambey samay se kuch structural challenges face karne pad rahe hain. Unke margins hamesha competitors se pichhe rahe hain. AI ka impact bhi traditional managed services ki demand ko kam kar sakta hai. Pichhle leadership mein bhi kaafi changes hue hain, jahan Thierry Delaporte ke time mein stock toh bhaga, par kaafi senior log chhod kar gaye aur bade deals bhi haath se nikal gaye competitors ke comparison mein.